How to Deal with Divorce Appraisals
Separating Fact from Friction:
Going through a divorce or separation is difficult. It can be a trying and emotionally-charged time, often made even harder by the need to divide assets like money and property. While going through a trying time, having friends and family ask ‘what are you going to do with the house?’ can be an added stress. Should you keep the house? Should it be sold and the profits divided? Do you have multiple properties (i.e. a cottage or summer home)?
Start with an experienced and sensitive approach
At Carty Gwilym we have years of experience in these types of appraisals – only our most senior and highly accredited appraisers are ever assigned. We know that divorce and separation appraisals require a professional, thorough approach, supported by research. We’re committed to taking the time to ensure all parties are treated fairly, respected fully and listened to completely – we never take one side over the other.
Fairness meets fair market value
That being said, an appraisal of the property held by one or both partners is necessary in order to determine its value, and to finalize a divorce property settlement. While you may know how much your property, or valuables, were worth when you purchased them, divorce appraisals are based on something called Fair Market Value – what your property can be sold for at the current date, on an open market.
So what exactly is involved in a divorce, or separation, appraisal?
Services offered by an experienced appraiser in these instances are used either to help sell a home, when both parties agree, or to determine the true market value in the cases where one party is buying the other out. In all cases, a divorce or separation appraisal must be thorough enough to stand up in a court of law. Here are some of the ways that a divorce appraisal could be approached:
- Comparable sales appraisal An accredited, professional appraiser will look at the property in question and compare it to other properties in the area with similar characteristics. The most recent sales there are to compare, the more accurate the price given actual market conditions.
- Market value appraisal – Using an appraiser who is familiar and knowledgeable in the local market – like Carty Gwilym in Ottawa and Eastern Ontario – is crucial in determining accurate market value.
- Historical or retrospective appraisal – You may also need to figure out how much a property was worth at some time in the past such as the date of separation or when one spouse moved out. This is where historical data and research must be included.
Involving your lawyer in the process
A divorce or separation agreement is a legal contract and as such most always involves a lawyer or law firm. Carty Gwilym has been recommended for divorce and separation real estate appraisals by Lawyers and Law Firms across the Ottawa area, including:
- Goldberg, Shinder, Gardner & Kronick
- Bell Baker
- Gowling, Lafleur, Henderson
- Kimmel, Victor, Ages & Rothman
- McMaster Meighen
- Nelligan Power
- Scott & Aylen
Need a hand?
Looking for a professional, unbiased divorce appraisal? Carty Gwilym can help, bringing years of experience, knowledge, compassion and expertise to this sensitive area of home appraisal. Request your quote for a divorce or separation appraisal today.